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Samenvatting aan de hand van lesnotities, slides en handboek Financieel Management Toegepast 2019 - R. Aernoudt (derde editie) met mondelinge toestemming van Prof. R. Aernoud...
FINANCIEEL MANAGEMENT
3e bachelor Handelswetenschappen 2018-2019
Prof. R. Aernoudt
Samenvatting aan de hand van lesnotities, slides
en handboek Financieel Management Toegepast 2019 (derde editie)
LEFEVERE JOYCE
,INHOUDSOPGAVE
Hoofdstuk 1: Financieringslandschap ............................................................................................................. 1
1.1. “Welk geld zoek ik?” (niet alleen hoeveel) – Not all the money is the same ............................... 1
Vijf financieringsbronnen ................................................................................................................................ 1
1.2. Het ondernemerslandschap: “Not all companies are the same”................................................. 2
Typologie van de ondernemingen ................................................................................................................... 2
Financieringsproblematiek ................................................................................................................................................... 3
1.3. Kredietcultuur ........................................................................................................................... 3
Vertrouwensratio ........................................................................................................................................... 3
Vertrouwenskloof ........................................................................................................................................... 4
Bankentrouw .................................................................................................................................................. 4
Kredietweigering: geen exacte wetenschap .................................................................................................... 5
Marktfalen...................................................................................................................................................... 5
Type geld = f(aard van onderneming, ontwikkelingfase) ................................................................................. 6
Calimero syndroom......................................................................................................................................... 6
1.4. Bankenlandschap ...................................................................................................................... 7
Uitdagingen voor banken ................................................................................................................................ 7
1- Globalisatie van economie ........................................................................................................................................... 7
2- Toenemende fragmentatie van het Europees bankenlandschap ................................................................................ 7
3- Impact van informatietechnologie ............................................................................................................................... 8
4- Bazel-akkoorden .......................................................................................................................................................... 8
België: van staatsmonopolie tot staatsinterventie .......................................................................................... 8
Fluctuerende concentratiegraad ..................................................................................................................... 9
1.5. Het landschap van risicokapitaal ............................................................................................... 9
Dodenvalleien............................................................................................................................................... 10
Extra: Financiële wereld en gender .................................................................................................... 11
Hoofdstuk 2: Financieel management - basisconcepten ............................................................................. 12
2.1. Financieel management: concept ............................................................................................ 12
Definities ...................................................................................................................................................... 12
Belang .......................................................................................................................................................... 13
Vier functies van financieel management ..................................................................................................... 13
2.2. Financieel beheersinstrument.................................................................................................. 14
Eigenschappen van een dashboard ............................................................................................................... 14
Balansstructuur: .................................................................................................................................................................. 15
2.2.3. Analyse van het passief van de onderneming ...................................................................................... 15
Structuur passief ................................................................................................................................................................. 15
Ratio’s passief ..................................................................................................................................................................... 16
2.2.4. Analyse van het actief van de onderneming ........................................................................................ 17
Structuur van het actief ...................................................................................................................................................... 17
Ratio’s ................................................................................................................................................................................. 18
2.2.5. Verbanden tussen actief en passief, en de resultaten .......................................................................... 18
Het bedrijfskaptaal ............................................................................................................................................................. 18
De rotatiesnelheden ........................................................................................................................................................... 22
2.2.6. De thesaurie ........................................................................................................................................ 23
FINANCIEEL MANAGEMENT 2019 1
, Coëfficiënt van bedrijfskapitaal .......................................................................................................................................... 24
behoefte aan bedrijfskapitaal ............................................................................................................................................. 24
2.2.7. Rendabiliteitscoëfficiënten.................................................................................................................. 24
Resultaten en omzet ........................................................................................................................................................... 24
Resultaten en het totaal van de activa ............................................................................................................................... 25
Resultaten en de toegevoegde waarde .............................................................................................................................. 27
Resultaten en de eigen middelen ....................................................................................................................................... 28
2.2.8. Falingspredicitiemodellen ................................................................................................................... 29
1- Rendabiliteit en liquiditeit.......................................................................................................................................... 29
2- De alarmpeilen ........................................................................................................................................................... 30
3- Model van Altman ...................................................................................................................................................... 30
4- Model de van National Bank van België..................................................................................................................... 30
5- Multivariabele benadering ......................................................................................................................................... 31
2.2.9 Het Dashboard ..................................................................................................................................... 32
2.3. Financieel management in de enge zin .................................................................................... 32
2.3.1. De optimale kapitaalstructuur ....................................................................................................... 32
1- Target adjustment-theorie ......................................................................................................................................... 32
2- Agency-model ............................................................................................................................................................ 33
3- Pecking-order-theorie ................................................................................................................................................ 34
Empirisch onderzoek .......................................................................................................................................................... 34
2.3.2. Miller-Modigliani en het interestbelastingschild ............................................................................ 34
2.3.3. Miller-Modigliani: notionele interest ............................................................................................. 38
Concreet voorbeeld ............................................................................................................................................................ 39
Een bestaande vennootschap (p.62) .................................................................................................................................. 40
Een nieuwe vennootschap (p63) ........................................................................................................................................ 40
2.3.4. Financieel plan ............................................................................................................................... 41
2.3.5. Case 2: Kredietdossiers BV Lakatos (p66) ....................................................................................... 42
2.4. Financieel management in de ruime zin................................................................................... 42
2.4.1. Masterbudget en -plan .................................................................................................................. 43
2.4.2. Kasplanning ................................................................................................................................... 44
2.4.3. Investeringsanalyse ....................................................................................................................... 45
2.4.4. Case 3: Investeringscase 3: NV Hermès .......................................................................................... 46
2.4.5. Evaluatiemethodes ........................................................................................................................ 47
1. Boekhoudkundig rendement (BHR) ........................................................................................................................... 47
2. Terugverdienperiode/payback-methode TVP ............................................................................................................ 48
3. Interne rendementsgraad/internal rate of return IRG/IRR ........................................................................................ 48
4. Nettocontantwaarde NCW ........................................................................................................................................ 50
5. Winstgevendheidsindex / Profitability index (PI) ....................................................................................................... 51
Enkele bemerkingen ........................................................................................................................................................... 52
2.4.6. Investeringsanalyse met financieringsaspecten.............................................................................. 54
2.4.7. Dividendpolitiek ............................................................................................................................ 55
2.4.7.1. Relatie dividenduitkering en waarde................................................................................................................. 55
2.4.7.2. Dividendpolitiek in de praktijk........................................................................................................................... 55
2.4.8. Beheer van bedrijfskapitaal ........................................................................................................... 56
2.5. Nabeschouwingen/Randbemerkingen: wie zijn de ‘andere’ ..................................................... 57
2.5.1. Satisfying behaviour – managerial revolution ................................................................................ 57
2.5.2. Stakeholders value ........................................................................................................................ 58
2.5.3. Human resources ........................................................................................................................... 59
2.5.4. Naar een sociaal-ethisch dashboard? ............................................................................................. 59
FINANCIEEL MANAGEMENT 2019 2
, 2.5.5. De ESG-score.................................................................................................................................. 59
Impact van ESG score.......................................................................................................................................................... 60
Hoofdstuk 3: Waardering van de onderneming ........................................................................................... 62
3.1. Belang van de waardering van de onderneming ...................................................................... 62
3.2. Traditionele benadering .......................................................................................................... 62
3.2.1. Orgnanisch groeipatroon ............................................................................................................... 63
3.2.2. Case 4: Waardebepaling: BV Spillaert en zoon (p.111).................................................................... 64
3.2.3. Waardebepaling ............................................................................................................................ 64
1. Het gecorrigeerd eigen vermogen (GNV) ................................................................................................................... 64
2. DCF (discounted cashflow) methode (RW = rendementswaarde) ............................................................................. 66
3. De “objectieve” waarde ............................................................................................................................................. 67
4. De comparables ......................................................................................................................................................... 68
5. De overeengekomen waarde ..................................................................................................................................... 69
3.3. De waardering bij anorganische benadering ........................................................................... 70
3.3.1. Anorganische groei ........................................................................................................................ 70
1. Comparables .............................................................................................................................................................. 72
2. Optiebenadering ........................................................................................................................................................ 72
3. De residuele waarde (uitgestelde DCF-methode of VC methode) ............................................................................. 73
3.3.2. Over theorie en realiteit ................................................................................................................ 78
Hoofdstuk 4: Kredietfinanciering: kredieten en risico’s ............................................................................... 79
4.1. Hoeveel EV/VV: de optimale kapitaalstructuur ........................................................................ 79
Tandwiel en hefboom (gearing and leverage) ............................................................................................... 80
Illiquiditeitsrisico .......................................................................................................................................... 80
4.2. De kredietbehoefte: samenstelling VV (KT versus LT) ............................................................... 81
Strategie A: riskaverter-strategie .................................................................................................................. 82
Strategie B: hedger ....................................................................................................................................... 82
Strategie C: veiligheidsmarge ........................................................................................................................ 83
Afweging/trade-off: rendabiliteit & (il)liquiditeit .......................................................................................... 83
4.3. Welke kredietvormen? ............................................................................................................ 84
1) De leveranciers als kredietgever (HB 4.3)............................................................................................... 85
Kredietbeleid van leveranciers ........................................................................................................................................... 85
2) Bankkredieten KT .................................................................................................................................. 93
3) Bankkredieten LT ................................................................................................................................ 102
4.4. (Welke) waarborgen ..............................................................................................................110
4.5. De overheidswaarborg (boek 4.7)...........................................................................................115
4.6. Werking en gebruiken van kredieten en waarborgen .............................................................118
4.7. Risicoanalyse..........................................................................................................................119
Risicoanalyse: financiële elementen............................................................................................................ 119
Risicoanalyse: niet-financiële elementen .................................................................................................... 120
Risicoanalyse: Model .................................................................................................................................. 120
4.8. Kredietweigering en marktfalen (extra slides) ........................................................................120
Kredietweigering ........................................................................................................................................ 120
Marktfalen.................................................................................................................................................. 121
FINANCIEEL MANAGEMENT 2019 3
,4.9. Extra oefeningen uit PPT ........................................................................................................121
Hoofdstuk 5: Mezzanine ............................................................................................................................. 122
5.1. Een onderbenutte financieringsvorm? ....................................................................................122
5.2. Mezzanine: hybride financieringsvorm ...................................................................................122
Mezzanine: tussen kredietfinanciering en risicokapitaal ............................................................................. 124
Type investeerder ....................................................................................................................................... 124
5.3. Kenmerken van mezzanine .....................................................................................................125
5.4. Belang van mezzanine ............................................................................................................126
Bedrijven met expansieplannen of overname ............................................................................................. 126
Familiebedrijven ............................................................................................................................................................... 126
Sterk groeiende bedrijven ................................................................................................................................................ 126
Voorwaarden van de investeerder ................................................................................................................................... 127
Management buy-outs (MBO’s) en leverage MBO’s ........................................................................................................ 127
Onderschrijvers van mezzaninefinancieringen ................................................................................................................. 129
5.5. De groei van mezzaninefinanciering .......................................................................................130
Voor- en nadelen van mezzaninefinanciering .............................................................................................. 130
Hoofdstuk 6: Formeel risicokapitaal ........................................................................................................... 131
Not all money is the same - Inleiding ................................................................................................132
6.1. Concept ..................................................................................................................................133
Vergelijking van kredieten en risicokapitaalfinanciering.............................................................................. 135
Elementen van risicokapitaal ...................................................................................................................... 136
Zaaikapitaalfondssen, early stage-fondsen en development fondsen ............................................................................. 136
Exit .................................................................................................................................................................................... 136
Risicokapitaal en externe controle ................................................................................................................................... 137
6.2. Investee en investeerder.........................................................................................................137
6.2.1. Investeerderscriteria: Wat wenst een risicokapitalist? ................................................................. 137
Criteria waaraan het bedrijf moet voldoen ...................................................................................................................... 138
6.2.2. Groeipotentieel ........................................................................................................................... 140
6.2.3. Investeringsrijpheid ..................................................................................................................... 142
6.3. Due diligence .........................................................................................................................143
6.4. Werking en financieringsbronnen ...........................................................................................143
Werking van een investeringsfonds ............................................................................................................ 145
6.5. Het agentschapsprobleem/agency problem en de carried interest .........................................146
6.6. De aandeelhoudersovereenkomst ..........................................................................................147
6.6.1. Enkele algemene clausules........................................................................................................... 147
6.6.2. Bepalingen met betrekking tot de Raad Van Bestuur ................................................................... 147
6.6.3. Clausules die het risico beperken na de instap ............................................................................. 148
6.6.3.1. Beperking van het risico voor de investeerder na de instap ........................................................................... 148
6.6.3.2. Beperking van het risico voor de ondernemer na de instap ........................................................................... 149
6.7. Risicokapitaal voor overnamefinanciering ..............................................................................150
Opvolging binnen de familie ....................................................................................................................... 150
Opvolging door derden ............................................................................................................................... 150
MBO via LMBO ........................................................................................................................................... 151
FINANCIEEL MANAGEMENT 2019 4
,6.8. Corporate venturing ...............................................................................................................152
6.9. Risicokapitaal, ook voor starters? ...........................................................................................154
Vraag en aanbod aspecten .......................................................................................................................... 156
Kant van het aanbod ......................................................................................................................................................... 157
Kant van de vraag ............................................................................................................................................................. 157
Algemeen .......................................................................................................................................................................... 157
Conclusie .................................................................................................................................................... 158
Conclusie inzake formeel RC ....................................................................................................................... 159
6.10. Risicokapitaal en de overheid .............................................................................................159
6.10.1. De Amerikaanse benadering: SBIC-programma ............................................................................ 160
6.10.2. De Europese benadering .............................................................................................................. 163
6.10.3. DE Vlaamse benadering ............................................................................................................... 163
6.11. Case 6: Risicokapitaal en mezzanine: NV Watchyou (p. 240 ev. (2019)) ..............................164
6.12. Extra uit les: missie en verwachtingen van risicokapitalist ..................................................165
Missie: wat wenst een risicokapitalist? ....................................................................................................... 165
Wat biedt een risicokapitalist? .................................................................................................................... 165
Voor de investering........................................................................................................................................................... 165
Tijdens de investering ....................................................................................................................................................... 165
Na de investering .............................................................................................................................................................. 165
6.13. Extra uit les: oefeningen .....................................................................................................166
Oefening 1 .................................................................................................................................................. 166
Oefening 2 .................................................................................................................................................. 168
Hoofdstuk 7: Informeel risicokapitaal – Business Angels BA ..................................................................... 169
7.1. Business Angel: concept .........................................................................................................169
Waar komt het concept vandaan? .............................................................................................................. 169
Wat zijn Business angels nu precies? Who are they? – Twaalf karakteristieken .......................................... 171
What do they want? – Karakteristieken dat BA proberen te bereiken/Are seeking ..................................... 172
7.2. Typologie van de business angels ...........................................................................................173
7.3. Business angels: belang, facts and figures ..............................................................................175
1. Financieringsaspect ............................................................................................................................. 175
2. Managementaspect............................................................................................................................. 175
3. Adressenboekje................................................................................................................................... 175
Kanttekening bij BA .................................................................................................................................... 176
Schatting van aantal BA: USA versus EU ...................................................................................................... 176
7.4. Informeel (BA) ó Formeel (VC) ..............................................................................................176
7.4.1. Formele en informele perceptie ................................................................................................... 177
7.4.2. Formele versus informele investeerderscriteria ........................................................................... 179
7.4.3. Exitmogelijkheden ....................................................................................................................... 179
7.4.4. Formele en informele return ........................................................................................................ 180
7.4.5. De economische crisis en zaai-investeringen ................................................................................ 181
EXTRA uit ppt: The two equity gaps ............................................................................................................ 182
7.5. Business Angels-netwerken: The BANs & the BAAs .................................................................182
7.5.1. Doel van het netwerk .................................................................................................................. 184
7.5.2. Methodes voor het samenbrengen van vraag en aanbod ............................................................. 186
7.5.3. Toegevoegde waarde voor de ondernemer .................................................................................. 187
FINANCIEEL MANAGEMENT 2019 5
, 7.5.4. Toegevoegde waarde voor de business angel............................................................................... 188
Geen agency problem in BAN...................................................................................................................... 189
7.5.5. Screeningproces........................................................................................................................... 190
7.5.6. verschillende types netwerken .................................................................................................... 190
7.5.7. Business angels-netwerken in België en Nederland ...................................................................... 191
The BANs: efficient tools? ........................................................................................................................... 192
7.6. Business angels en de overheid ..............................................................................................193
7.7. Het investeringsproces ...........................................................................................................195
Van idee tot businessplan ........................................................................................................................... 195
De presentatie ............................................................................................................................................ 195
The (exciting) life of a business angel: wat doet een BA? ............................................................................. 198
7.8. Case 7: Business angels: NV Teambuilding ..............................................................................198
Conclusie ..........................................................................................................................................198
LES: Oefening naar aanleiding van BA-VC .........................................................................................199
Hoofdstuk 8: Lovemoney and crowdfunding ............................................................................................. 200
8.1. Concept ..................................................................................................................................200
8.2. Werking .................................................................................................................................201
8.3. Lovemoney versus business angels .........................................................................................202
8.4. Buurtfondsen .........................................................................................................................203
8.4.1. Hui 会 (Azië) als model................................................................................................................. 203
8.4.2. Buurtfondsen ............................................................................................................................... 204
8.5. Lovemoney + internet = crowdfunding....................................................................................205
8.5.1. Crowdfunding: een succesverhaal ................................................................................................ 206
8.5.2. Crowdfunding-platformen ........................................................................................................... 207
8.5.3. Diverse crowdfunding-modellen .................................................................................................. 208
8.5.4. Voor- en nadelen van crowdfunding ............................................................................................ 209
8.5.5. Regulering ................................................................................................................................... 209
8.5.6. Crowdfunding in België ................................................................................................................ 210
Bekende voorbeelden van crowdfunding ......................................................................................................................... 212
8.6. Lovemoney stimuleren ...........................................................................................................212
8.6.1. Tanta Agaath ............................................................................................................................... 212
8.6.2. Winwinlening .............................................................................................................................. 215
8.7. Case 8: Lovemoney: Bloemenzaak Paulien ..............................................................................218
8.8. Conclusie ................................................................................................................................218
Hoofdstuk 9: Beurs als financieringsinstrument – de uitgifte van aandelen ............................................. 219
9.1. Beurs of beurzen? ...................................................................................................................221
Europees beurslandschap ........................................................................................................................... 222
Liquiditeit – cap (marktkapitalisatie) - waarde ............................................................................................ 223
9.2. Wat is een IPO? ......................................................................................................................224
Motivatie IPO – waarom gaat men naar de beurs? ...................................................................................... 225
IPO-markt (evolutie) ................................................................................................................................... 226
9.3. Bitcoins en ICO’s (Initial Coin Offering) ...................................................................................227
FINANCIEEL MANAGEMENT 2019 6
, Scam versus ‘goede’ ICO ............................................................................................................................. 228
ICO’s per land ............................................................................................................................................. 228
9.4. Financiering via de beurs ........................................................................................................229
Kapitaalverhoging ....................................................................................................................................... 229
Waarde voorkeurrecht................................................................................................................................ 229
Verhouding en waarde voorkeurrecht ............................................................................................................................. 230
NV Tristan & Isolde ........................................................................................................................................................... 231
9.5. Delisting .................................................................................................................................232
9.6. Beurswaarde en intrinsieke waarde van een bedrijf ...............................................................233
Hoofdstuk 10: De Bazel-akkoorden ............................................................................................................ 237
10.1. Belang van regulering .........................................................................................................237
Financiële crisis in 2008 en Griekse crisis in 2011 ........................................................................................ 237
Stakeholders van reglementering ............................................................................................................... 238
Oprichting Bazel-comité .............................................................................................................................. 239
10.2. Bazel I .................................................................................................................................241
10.2.1. De Cooke-ratio ............................................................................................................................. 241
10.2.2. Case 10: Bazel-akkoorden: Bank Goldsmith en Cie (pag. 338-339) ................................................ 242
10.2.3. Evaluatie van het Bazel I-akkoord ................................................................................................ 242
10.3. Rating en ratingagentschappen ..........................................................................................244
10.3.1. Rating .......................................................................................................................................... 245
10.3.2. Rating en falingsgraad.................................................................................................................. 245
10.3.3. Kritiek op ratingagentschappen ................................................................................................... 247
10.4. Het Bazel II-akkoord............................................................................................................247
10.4.1. Drie pijlers van het Bazel II-kader ................................................................................................. 247
10.4.2. De vier bankrisico’s ...................................................................................................................... 248
10.4.3. Het kredietrisico .......................................................................................................................... 249
10.4.3.1. De standaardmethode ................................................................................................................................ 249
10.4.3.2. De IRB-methode (basisversie) ..................................................................................................................... 251
10.4.3.3. De IRB-methode : geavanceerde benadering ............................................................................................. 253
10.4.3.4. De IRB-methode : geavanceerde benadering ............................................................................................. 253
10.4.3.5. Het RAROC-systeem: praktische vertaling van de IRB-methode ................................................................ 254
10.4.3.6. De waarborgen............................................................................................................................................ 255
10.4.4. Het operationeel risico................................................................................................................. 257
10.4.5. Gevolgen van Basel II ................................................................................................................... 258
10.4.5.1. De minimumkapitaalvereiste ...................................................................................................................... 258
10.4.5.2. Toegang tot kredieten en kredietvoorwaarden .......................................................................................... 260
10.4.6. Impact op de risicokapitaalsector ................................................................................................ 265
Bazel II en risicokapitaal.................................................................................................................................................... 265
Europese reglementering en de verhouding tot het Bazel II-kader .................................................................................. 266
10.4.7. Politieke implicaties/gevolgen (uit slides) .................................................................................... 267
10.4.8. Conclusie ..................................................................................................................................... 267
FINANCIEEL MANAGEMENT 2019 7
, 10.4.9. Kritiek op Basel II ......................................................................................................................... 268
10.5. Basel III ...............................................................................................................................268
10.5.1. Kapitaalvereiste en liquiditeitsnormen ........................................................................................ 269
10.5.2. Kapitaalimpact van Bazel III ......................................................................................................... 271
10.5.3. Globalisatie, onpersoonlijkheid en schaalvergroting .................................................................... 271
Het einde van de persoonlijke kredietrelatie ................................................................................................................... 272
Consolidatie ...................................................................................................................................................................... 272
10.5.4. Vragen? ....................................................................................................................................... 273
10.6. De Bazel-regulering vanuit ondernemingsperspectief .........................................................273
10.6.1. Ondernemingen Bazel-klaar maken ............................................................................................. 273
10.6.2. Banken Bazel-klaar maken ........................................................................................................... 276
Black box-syndroom ......................................................................................................................................................... 276
Gedragscode van banken en kmo’s .................................................................................................................................. 277
Level playing field ............................................................................................................................................................. 277
10.7. Basel IV ...............................................................................................................................278
10.8. Slotbedenkingen bij Bazel-akkoorden .................................................................................280
Geen credit crunch ...................................................................................................................................... 280
Dynamisch proces van steeds meer gesofisticeerde risicomodellen ............................................................ 281
Principe van risicodiversificatie en de kmo’s ............................................................................................... 281
Bankstrategie.............................................................................................................................................. 282
Risicokapitaal ............................................................................................................................................. 283
De overheid ................................................................................................................................................ 283
Complexe realiteit ...................................................................................................................................... 283
Aanvulling op oefeningen/vragen............................................................................................................... 285
Voorbeeldvragen ............................................................................................................................................. A
Hoofdstuk 1 & 2 (Hoorcollege 2) .......................................................................................................... A
Hoofdstuk 3 & 4 (Hoorcollege 29/03/2019) .......................................................................................... C
Algemeen ............................................................................................................................................ F
FINANCIEEL MANAGEMENT 2019 8
, Inleiding
Deze samenvatting werd geschreven aan de hand van lesnotities, slides en het boek “Financieel Management
Toegepast’ (Aernoudt, Financieel Management Toegepast, 2019).
Daarnaast gaf Prof. R. Aernoudt mij de toestemming om deze samenvatting te verkopen.
Verder hoofdstukken volgen nog!
Dit symbool betekent belangrijk vanuit de les of eerdere examenvraag (niet limitatief).
BIBLIOGRAFIE
Hoorcollege & lesnotities: Aernoudt, R. (sd).
Aernoudt, R. (2019). Financieel Management Toegepast.
Examen:
- 1/3 oefeningen en cases
- 2/3 theorie
Overzicht
1. Financieel management: basisconcepten
2. FM en investeringsanalyse
3. Hoeveel is mijn onderneming waard?
4. Kredieten en risicoanalyse
5. Waarborgen en formeel risicokapitaal
6. Informeel RC (crowdfunding, lovemoney, BA)
7. Beurs en beursnotering
8. Bazel & wrap-up
Overzicht van veel gebruikte afkortingen
AH Aandeelhouder(s)
BA Business Angels
BK Bedrijfskapitaal
EV Eigen vermogen
FFF Friends, Family and Fools
RK Risicokapitaal
SE Schuldeiser(s)
VA Vast activa
VC Venture capital
VL.A/VLA Vlottend activa
VV Vreemd vermogen
VVKT Vreemd vermogen korte termijn
VVLT Vreemd vermogen lange termijn
FINANCIEEL MANAGEMENT 2019 9
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Will I be stuck with a subscription?
No, you only buy these notes for $6.70. You're not tied to anything after your purchase.
